There has been plenty of news flying around the crypto space in recent weeks from the Verge Partnership, The Tron Test Network and the SaveDroid ICO exit scam publicity stunt taking much of the headlines. So it's no surprise that the news of a new Litecoin Hard Fork has gone under the radar. Yes, that's right Litecoin has a new hard fork, that's 2 in one year already and this time its called Litecoin Private.
I'm pretty sure Charlie Lee is rolling his eyes so hard at the news and I'm pretty sure he'll be letting us know exactly what he thinks about the project on his Twitter page if anyone asks him about it. I would personally ignore it and let sleeping dogs lie and not help attract any attention to this projects.
What is Litecoin Private (LTCP)?
Litecoin Private is a future Litecoin fork that allows for private transactions thanks to the utilization of zkSNARKs, and smart contract capabilities alongside with our revolutionary DAO Management Engine.
Fast
Thanks to 5 second block time the transaction speed of LTCP is under 5 seconds in most scenarios. This makes LTCP among the fastest coins on the market, up to 200x faster than BTC and about 50x faster than LTC.
Private
Due to the utilization of the revolutionary zkSNARKs technology, we are able to provide private transactions through LTCP, similar to those in Monero, ZClassic and other privacy coins.
Scalable
With significantly increased block size, Litecoin Private is capable of doing up to 300 TPS, which is 75 times more than bitcoin.
Smart Contracts
LTCP will be the first blockchain to allow smart contracts with complete transaction privacy. Furthermore, thanks to our DAO Management Engine (DAOME), it's incredibly easy to create a DAO on the LTCP blockchain.
For more check out the official litecoin private website here
What is Litecoin Private? from Litecoin Private on Vimeo.
When will Litecoin Private be available?
We can expect the fork date of Litecoin Private this month. Litecoin Private will be forking from Litecoin on block height 1407299, which is approximately on the 21st of April 2018. Desktop wallets alongside with our source code will be released soon.
Litecoin Private distrubtion
Litecoin Private is currently in the form of ERC20 futures token running on the Ethereum blockchain. They will do a community airdrop through our ethereum smart contracts to distribute a total of 21,000,000 LTCP [ERC20] fairly to the community for free and at a later date we will fork Litecoin and merge the [ERC20] LTCP coins with forked LTC coins (42,000,000 + 84,000,000), creating a total supply of 126,000,000 LTCP.
Then they will distribute most of the remaining converted ERC20 coins in another community airdrop, this time directly through LTCP smart contracts.
Total of 84,000,000 LTCP will be held by current Litecoin holders after the fork and about 42,000,000 LTCP by airdrop recipients. We will keep a tiny portion of the supply to fund current and future development, pay for exchange listings and run community bounties in the future.
Previous hard forks
This is by no means the first HF for Litecoin with previous projects failing miserably, namely:
- Litecoin Cash - Check out their CMC here
- Litecoin Ultra Check out their CMC here
- Litecoin Plus Check out their CMC here
If you own Litecoin since last year October and want to claim your free Litecoin cash you can still do so by using the following method - Claim Litecoin cash. I've personally done it and I must say it was the biggest waste of time ever and the free coins i received arent worth the effort.
My opinion on the hard fork
Not since Ethereum split into ETC and ETH has a hard fork been worth anything and brought value to the cryptocurrency community in my opinion. There are plenty of cryptocurrencies that have forked off and not used the brand name and looked to take the code in a different direction which im completely fine with.
But I feel that any project that thinks it needs to adopt the name of the forked coin in order to gain notoriety, confuse first-time investors or generate some sort of hype is a 100% shit coin. Looking at lItecoin privates roadmap and white paper it is completely generic and it holds very little promise so I doubt this coin will be going anywhere in the future.
The best possible way I can bring my opinion across is the Steven Crowder change my mind meme
If you are a Litecoin private shill, get at me in the comments and change my mind, im willing to listen to your argument
Have your say
What do you think of the latest Litecoin hard fork? Is it good or bad for Litecoin? Will any of the Litecoin forks show any promise? I'd like to hear what all LTC hodlers and hard fork coin community members have to say, let me know in the comments section below
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